(RTTNews) - Shares of Community Health Systems, Inc. (CYH), an operator of general acute care hospitals, are gaining more than 28 percent or $1.24 in Wednesday's morning trade at $5.63.
Tuesday, Community Health Systems reported third-quarter net income of $112 million or $0.97 per share, compared to net loss of $17 million or $0.15 per share last year. Adjusted earnings were $0.18 per share, compared to adjusted net loss of $0.29 per share last year. Net operating revenues declined 3.7 percent to $3.13 billion from $3.25 billion last year.
Analysts polled by Thomson Reuters had a consensus estimate for loss of $0.16 per share for the quarter on revenues of $2.9 billion.
Community Health Systems also said its Chairman and Chief Executive Officer, Wayne Smith, will transition from CEO to executive chairman of the board of directors, effective January 1, 2021. President and Chief Operating Officer Tim Hingtgen will be appointed as new CEO, effective on the same day.
Community Health Systems has traded in a range of $2.25 to $7.47 in the past 52 weeks.